Business records need to be kept up to date and as accurate as possible no matter what kind of business you’re in. Tracking the financial data for your business would provide you with important information regarding the revenue stream, status of bill payments and prediction of future cash flows. Not tracking the financial data for your business can result in misinformation regarding available cash and ability to pay debts, which can result in long term business losses.
Vendor balance tracker is a handy tool. It displays balances, debits, credits, and imputed interest. You can view debits, credits, and balances by company code, fiscal year, and supplier. You can also compare the purchases of the current and the previous year.